Comerica investing up to $5M into Detroit mortgage program
Comerica Bank plans to invest up to $5 million in a Detroit program for home mortgages that seeks to address issues with property appraisals.
The money will go toward the Detroit Home Mortgage program, which was introduced last year. The bank notes that housing in Detroit typically appraises below the price to buy and renovate, making it more difficult for some to buy homes in the city.
The program is managed by the nonprofit Community Reinvestment Fund and allows borrowers to obtain a second mortgage to help fill the gap.
Comerica also plans to become a participating lender in the program in the future. The announcement follows the company's $3 million investment in its banking center network in and around downtown Detroit, including opening new locations.